ISLAMABAD, April 16 (APP): The Reko Diq Joint Venture shareholders have approved the project’s updated feasibility study and conditionally approved the associated Phase 1 development capital subject to the closing of up to $3 billion limited recourse project financing.
This will allow the project to advance with major works in 2025, while maintaining the target for first production by the end of 2028.
At the same time, the shareholders have selected American engineering and contruction firm Fluor Corporation as the lead Engineering, Procurement and Construction Management (EPCM) partner to work alongside the Barrick Owner’s Team in the detailed design and construction of the project, said a press release issued by Barrick.
Barrick president and chief executive Mark Bristow underscored the significance of the strong partnership between Barrick and mentioned the support of the Pakistan government in advancing the development of one of the world’s largest undeveloped coppergold projects.
Located in Balochistan, the Reko Diq project is operated by Barrick and jointly owned by the federal and the provincial government of Balochistan.
“The selection of Fluor as our EPCM partner strengthens our ability to execute the Reko Diq project with the technical rigor, operational discipline and socio-environmental responsibility that are hallmarks of both companies,” said Bristow.
“We look forward to working closely with Fluor to ensure that Reko Diq delivers lasting value to all our stakeholders, particularly the people of Balochistan and Pakistan.”
Fluor will be supported by a range of expert engineering consultants including Knight Piesold, PRDW and Vecturis, who have worked with the Barrick Owner’s Team throughout the Feasibility Study.
Bristow said the selection of Fluor reflects a shared commitment to delivering large-scale mining projects safely, responsibly and efficiently, while maximizing local content and community development.
Metso, Weir and Komatsu have also been selected as key partners to the project, providing the majority of the processing and mining equipment. “These engineering and supply partnerships bring extensive global experience in delivering large copper concentrate projects in challenging jurisdictions, including high-altitude, remote and logistically complex environments. This expertise aligns strongly with Barrick’s own track record of successfully developing and operating major projects in challenging jurisdictions around the world,” Bristow said.
Reko Diq is a world class copper-gold mine in the making located in Chagai district of Balochistan province, in Pakistan. One of the largest undeveloped copper-gold projects in the world, Reko Diq is owned 50% by Barrick, 25% by three federal state-owned enterprises, 15% by the province of Balochistan on a fully funded basis and 10% by the Province of Balochistan on a free carried basis. Year 2028 has been targeted for the first production from Reko Diq.
Reko Diq is expected to have a life of at least 40 years as a truck-and-shovel open pit operation with processing facilities producing a high-quality copper-gold concentrate. Construction is expected in two phases with a combined process capacity of 90 million tons per annum.
Reko Diq will be a major contributor to Pakistan’s economy which is expected to have a transformative impact on the Balochistan province where, in addition to the economic benefits it will generate, the mine will also create jobs, promote the growth of a regional economy and invest in social development programs.